Kathmandu: The Ministry of Finance has held discussions with former finance and revenue secretaries to gather recommendations for Nepal’s economic progress.

During a meeting at the Finance Ministry on Sunday, former secretaries advised the government to cut budgets from non-performing projects and instead focus on high-impact mega projects. They stressed the need for fiscal discipline, urging ministries and departments to be held accountable for increasing capital expenditure and enhancing coordination between the three tiers of government.

The former officials highlighted key economic measures, including implementing austerity measures and increasing domestic revenue generation. They also emphasized the importance of prioritizing foreign investment over foreign aid and loans, while exploring climate financing opportunities.

Additionally, they stressed the need for effective spending on national pride projects and reducing the informal economy. They called for stronger oversight of insurance companies, cooperatives, capital markets, and state-owned enterprises to ensure proper financial management.

The officials also suggested that social security programs should be reviewed and integrated to make them more sustainable. They emphasized maintaining market liquidity and avoiding long-term liabilities for the state. Furthermore, they urged the government to create a more business-friendly environment to support private sector growth.

Among those present at the event were former Chief Secretary and Finance Secretary Bimal Koirala, along with former Finance Secretaries Rameshwor Khanal, Bhanu Acharya, Krishna Hari Baskota, Suman Sharma, Rajan Khanal, Shishir Khanal, and Madhu Marasini. Former Revenue Secretaries Lal Shankar Ghimire and Ramsharan Pudasaini also participated in the discussion.